Passenger Cars - Bahrain

Bahrain

Revenue in the Passenger Cars market is projected to reach US$1,290.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.03%, resulting in a projected market volume of US$1,288.0m by 2029.
The market's largest segment is SUVs with a projected market volume of US$672.6m in 2024.
Passenger Cars market unit sales are expected to reach 35.74k vehicles in 2029.
The volume weighted average price of Passenger Cars market is expected to amount to US$36.70k in 2024.
With a vehicle unit sales share of 24.6% in 2024, Volkswagen is expected to have one of the highest market share in the selected region.
The value market share of the make Land Rover in the selected region is expected to stand at 23.5% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$605bn in 2024).

Key regions: United States, Germany, Europe, China, India

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Analyst Opinion

The Passenger Cars market in Bahrain is witnessing significant growth and development, driven by various factors such as customer preferences, market trends, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Bahrain, customers have shown a strong preference for passenger cars due to their convenience, comfort, and status symbol. The rising disposable income and changing lifestyles have led to an increased demand for passenger cars, especially luxury and premium vehicles. Additionally, customers in Bahrain value advanced technology and safety features in their cars, which has further fueled the demand for passenger cars with innovative features.

Trends in the market: One of the key trends in the passenger cars market in Bahrain is the growing popularity of electric vehicles (EVs). As the government encourages sustainable and eco-friendly transportation, there has been a significant increase in the adoption of EVs. The availability of charging infrastructure and government incentives have further accelerated the growth of the EV market in Bahrain. Moreover, the trend of car-sharing and ride-hailing services has gained traction in recent years, influencing the market dynamics and leading to increased demand for passenger cars in the country.

Local special circumstances: Bahrain's strategic location in the Gulf region has made it a hub for international trade and business. This has attracted expatriates and foreign investors, resulting in a diverse population with different mobility needs. The demand for passenger cars is not only driven by the local population but also by expatriates who prefer to own their vehicles for convenience and flexibility. Additionally, Bahrain's small size and well-developed road infrastructure make it an ideal market for passenger cars.

Underlying macroeconomic factors: The economic stability and favorable business environment in Bahrain have contributed to the growth of the passenger cars market. The country has a high GDP per capita and a strong financial sector, which has increased consumer purchasing power. Moreover, low fuel prices and favorable financing options have made owning a car more affordable for customers. The government's efforts to diversify the economy and attract foreign investment have also positively impacted the passenger cars market in Bahrain. In conclusion, the Passenger Cars market in Bahrain is experiencing significant growth and development due to customer preferences for convenience and comfort, the trend towards electric vehicles and car-sharing services, the special circumstances of a diverse population and well-developed infrastructure, and the underlying macroeconomic factors of economic stability and favorable business environment. The future of the passenger cars market in Bahrain looks promising, with continued demand for innovative and sustainable vehicles.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).